There are four stages to the examination system, as follows:

• Core Technical stage
• Core Applications stage
• Specialist Technical stage
• Specialist Applications stage

Syllabuses for each subject are written in objective form. They may also be purchased from Oxford or Edinburgh.

Core Technical stage

In the Core Technical stage there are nine subjects. Students are required to pass all subjects at this stage and these are as follows:

• CT1 Financial Mathematics
• CT2 Finance and Financial Reporting
• CT3 Probability and Mathematical Statistics
• CT4 Models
• CT5 Contingencies
• CT6 Statistical Methods
• CT7 Economics
• CT8 Financial Economics
• CT9 Business Awareness Module

CT1–CT8

Each of CT1–CT8 are examined by one paper of three hours duration.

CT9 Business Awareness Module

The Business Awareness Module involves a 2-day residential course, with pre-course study and a post-course exam.

Core Applications stage

Students are required to pass all subjects at this stage and these are as follows:

• CA1 Actuarial Risk Management
• CA2 Model Documentation, Analysis and Reporting (see below)
• CA3 Communications (see below)

The CA3 paper is also translated into Chinese for each April sitting CA3CH Communications — Chinese

In the Core Applications stage we cover actuarial concepts. The main Core Applications subject (CA1) is assessed by two papers each of three hours duration. The marks for the two papers are added together to give a single mark for CA1 Actuarial Risk Management.

CA2 Model Documentation, Analysis and Reporting

CA2 Model Documentation, Analysis and Reporting requires attendance at a two day course with a practical data handling assessment on the second day.

CA3 Communications

CA3 Communications has two questions, each testing a different type of written communication. The paper is of three hours duration.

Specialist Technical stage

There are seven Specialist Technical subjects. Students are required to pass two subjects at this stage and these are as follows:

• ST0 Alternative Specialist Technical (not examined — see below)
• ST1 Health and Care Specialist Technical
• ST2 Life Insurance Specialist Technical
• ST3 General Insurance Specialist Technical
• ST4 Pensions and other Benefits Specialist Technical
• ST5 Finance and Investment Specialist Technical A
• ST6 Finance and Investment Specialist Technical B

Each of ST1–ST6 are tested by one examination paper of three hours duration.

ST0 Alternative Specialist Technical

This subject is awarded when a student is given an exemption from a Specialist Technical examination by virtue of undertaking alternative study. Exemption is considered after a qualification has been gained.

Specialist Applications stage

There are seven Specialist Applications subjects. Students required to pass one subject chosen from:

• SA0 Research Dissertation Specialist Applications (not examined — see below)
• SA1 Health and Care Specialist Applications
• SA2 Life Insurance Specialist Applications
• SA3 General Insurance Specialist Applications
• SA4 Pensions and other Benefits Specialist Applications
• SA5 Finance Specialist Applications
• SA6 Investment Specialist Applications

There is no requirement to have passed the corresponding Specialist Technical subject. However many students will decide to take a Specialist Applications subject that corresponds to one of their Specialist Technical subjects. The Specialist Applications subjects typically assume knowledge of the corresponding Specialist Technical subject.

Each of SA1–SA6 are tested by an examination paper of three hours duration.

SA0 Research Dissertation Specialist Applications

This subject is awarded when a student is given an exemption from a Specialist Application examination by virtue of undertaking a research dissertation. Any programme needs to be discussed with the profession before a student embarks on it.

UK Practice Modules

The UK Practice Modules are not part of the qualification for Associateship or Fellowship, but are required to practise in the UK in a reserved role i.e., as an Actuarial Function Holder, With-Profits Actuary, Reviewing Actuary, Peer Reviewer, Scheme Actuary or Lloyd's Syndicate Actuary.